What Makes Online Banking Tick with Customers? Answers are Out!

Banking CIO Outlook | Thursday, June 27, 2019

Banks capitalize on providing convenient and user-friendly online banking facilities to cater to the modern consumers’ demands.

FREMONT, CA: The widespread use of smart devices and enhanced internet connectivity has led to an increasing number of banks offering online services. All the banking activities which were previously possible only at the physical facilities are now accessible on personal devices. According to a published report, 73 percent of consumer banking interactions are digital. The statistics point at the popularity of this medium of banking. To understand what precisely the driving force behind this rapid adoption of online banking is, one can consider the following points.

• Ease and Convenience

Most of the facilities offered at the conventional banks are available online, and users can access them from anywhere they want. One can pay utility bills, deposit checks, transfer money, generate transaction history, and apply for services using the banking platform on a browser or through their app. The convenience such features allow is unmatched and is one of the biggest reason for the popularity of online banking. No more waiting in queues for long hours.

• Better Offers and Interest Rates

Online banking offers many perks to consumers. There are discounts, savings, and cash-backs available on online transactions. Apart from that, the interest rates offered by online banks are sometimes higher than that of the brick and mortar banks. This makes online banks a better option for users.

• Hassle-Free Transfers

Money is not a limitation anymore, and the dependence on physical currency is reducing. Online banking has allowed consumers to be a lot more flexible. One can carry out transactions and send or receive money in times of crisis without any delay or lag. Mobile app money transfers have helped cut down on the visits to ATM as well.

• Fewer Costs

An online banking facility requires much less financial investments than a physical bank branch. So banks can make a lot of savings and pass on some of it to the consumers as well in the form of lower fees for maintenance and account keeping.  Some banks have zero fees as well.

In addition to all the advantages mentioned above, customers experience a substantial improvement in experience. Apps and websites are designed to make processes simpler and convenient for one and all. With sound security infrastructure in place, banks can provide excellent services for users with online banking.

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